The nation is buried in debt. $14,971,831,021,178.32 This figure does not reflect the financial obligations for Social Security, Medicare, and Medicaid.
Illinois is buried in debt.
(Reuters) - Illinois is "on the verge of a financial disaster" as payments on the state's debt have skyrocketed, Treasurer Dan Rutherford said on Monday.
Illinois faces an estimated $45 billion in principal and interest payments on its outstanding debt over the next 25 years, up nearly four-fold from the $12 billion owed in 2002, according to a position paper from the Republican treasurer, who took office in January. cont. here
Adding to the state's debt burden is $140 billion in unfunded pension and retiree health-care liabilities and $8 billion of currently unpaid bills, the paper said.
"Every household in Illinois is responsible for the repayment of $10,000 to reimburse our bondholders in the coming years," Rutherford said in a statement, adding that unpaid bills and pension and health-care liabilities would boost that total to $42,000 per household.
The housing market has not tanked yet.
Unemployment is stuck around 9.2% but is probably more accurately 16.2%. The government Unemployment figure is skewed to suit them. It does not count those who have dropped off the rolls, those who are underemployed or discouraged. Illinois is at 10% but more likely higher than the 16.2% national average.
How do our politicians solve the problem? Taxes! You see in there eyes it is a revenue problem when actually it is a spending problem. For years, everyone has been spending, spending like there is no tomorrow. Republican or Democrat, U.S. or State or County or Municipal.
Folks, we are on the brink. We can not continue on the path we are going. It will have to come crashing down. When it does, be prepared for total financial devastation. Our lives will change for the worse.
If you have an opposing opinion or you have a subject you want to sound off on, please email M Holeman.